Kuala
Lumpur, Malaysia – 9 August 2018 - Vynn Capital, a South-East
Asia-based early-stage venture capital firm, and the World Tourism
Organization (UNWTO) today jointly announced a strategic partnership to
promote South-East Asia’s tourism sector by facilitating
entrepreneurship and innovation.
Through this strategic
partnership, Vynn Capital and UNWTO will collaborate to create a
framework and policies to support technology startups that are
addressing opportunities and challenges in the region’s tourism sector.
Both parties will work together to encourage traditional industry
players such as hotel groups, property groups and food companies to
adopt digital strategies, as well as to encourage more investment by the
private sector into technology companies. Vynn Capital will act as
UNWTO’s partner on initiatives to achieve these goals, by supporting
tourism entrepreneurs and traditional industry players as the tourism
market embraces technology and innovation.
“The tourism sector
represents a huge opportunity for South-East Asia, where we see the
emergence of a strong middle class. Vynn Capital has identified tourism
as a key investment space and we will continue to work with
entrepreneurs and industry players to promote the region’s tourism
sector. We believe technology companies that focus on the mobility of
consumers, such as Indonesia’s Travelio and Carsome, who already has
operations in four key countries in South-East Asia, will continue to
champion the economic impact of tourism growth. We join hands with UNWTO
to foster a new generation of innovative tourism companies in
South-East Asia,” said Victor Chua, Founding and Managing Partner of
Vynn Capital and
Chairman of the Malaysia Venture Capital & Private Equity
Association (MVCA).
“UNWTO is proud to partner with Vynn Capital, who will help us to
create real solutions for the much-needed digital transformation of
tourism. Such partnerships are key to continue generating opportunities
all through tourism, and prove that venture capital has a role to play
when we want to advance sustainable development,” said UNWTO
Secretary-General Zurab Pololikashvili.According to UNWTO, international arrivals have increased in all regions since the start of 2018, continuing the strong trend of previous years. The strong growth is led by Asia and the Pacific (+8%), especially South-East Asia (+10%) and South Asia (+9%) where growth has already surpassed that of 2017 when Asia saw a 6% increase in international arrivals. This is significant, considering that Asia and the Pacific represents around 29% of international tourism receipts.
About Vynn Capital
Vynn Capital is an
early-stage venture capital firm that focuses on opportunities in
South-East Asia. The team has experience investing across Asia, with
notable past investments in companies such as Triip.me, Carsome, Hermo
and others. The firm focuses on bridging the knowledge and experience
gap between incumbent industry players and startups, within industries
such as travel, property, food & FMCG, female economics, logistics
and enablers. Vynn Capital encourages strong partnerships of
corporations and families with technology companies, as well as synergy
between companies in creating more value for the ecosystem.
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